Rare Tech, Health / Social Services Park Freehold in Popular Eastern Suburbs

Colliers and Lemon Baxter present strong WALE, land-rich health/social services & tech park investment opportunity.

Colliers, in conjunction with Lemon Baxter, is bringing a significant metropolitan investment opportunity to market. The property, located at 347 & 351 Burwood Highway, Forest Hill, comprises two buildings with a total net area of 10,589 sqm on 26,219 sqm of Commercial 1 zoned land with a 4 and 4.5 star NABERS energy rating.

Being one of the most notable stabilised metropolitan office/social infrastructure investment offerings in 2025, the asset is expected to attract broad private investor and syndicator interest.

The property includes 700+ car spaces, both at-grade and in a standalone three-level car park, and boasts a fully leased strong WALE lease profile of around 4.5-years, generating an annual income of approximately $3,400,000. The investment is anchored by the multi-national and TYO-listed tech giant NEC, and with about 60% of the buildings occupied by a range of health and social services, including an on-site childcare centre.

Scott Orchard, Colliers National Director|Capital Markets & Investment Services, said, “This offering represents a rare opportunity to acquire a high-quality, stabilised social infrastructure flavoured investment in a park style setting in Melbourne’s popular eastern suburban corridor. Plus, the property’s strong lease profile and diverse occupier mix in the property and surrounding precinct provide a solid foundation for long-term growth and stability.”

“The investment is also poised for short to long term growth due to rent reversion opportunity and the limited new supply forecast over the next three to five years which will place compounding pressure on quality supply.”

Thomas Blencowe, Director of Investment Sales of Lemon Baxter, commented, “This property is a standout investment due to the staggered lease expiry profile with approximately 30% of the NLA considered destination tenants creating considerable activity and good will for the asset whilst approximately 50% of NLA are 1st generation occupants post-recent refurbishment, indicating a high probability of lease renewals.”

“Furthermore, the considerable improvements are situated on a prominent 2.62-hectare landholding, favourably zoned Commercial 1 Zone which is considered Melbourne Metro’s most flexible zoning. This creates an unrivalled land rich investment opportunity, with a strong likelihood that the land value will surpass the investment value, supporting future exit strategies/pricing.”

Aside from NEC, the property is occupied by age care service provider Bolton Clarke and various other social and health services tenants highlighting the building’s versatility and appeal directly adjoining Eastern Health’s Peter James Centre. The property is also in the Tally-Ho technology, health and essential services precinct near retail and shopping centre amenity and infrastructure projects such as the Suburban Rail Loop with the Burwood Station under construction opposite Deakin University, and East Link that will connect to the North/East Link Fwy also under construction.

The last sale in the Tally-Ho business park precinct was the National Archives of Australia commercial building, which reportedly achieved a 7.4% yield on a $30 million+ transaction in October 2024.

The sale is being managed by Colliers’ Scott Orchard, Alex Browne, and Ben Baines, in conjunction with Thomas Blencowe, Paul O’Sullivan, and Hans Fan from Lemon Baxter via an Expressions of Interest Sale campaign closing Thursday 12th June.